Arends: The Euro Crisis Makes Absolutely No Sense

This transcript has been automatically generated and may not be 100% accurate.

I ... the ... still has its utility ... well I look up the ... Arctic studies in Dublin ... and we just didn't like that nothing bought the the prices in Europe and that's what we're wary continuing ed to celebrate the fact that you BIS's might be in the national body that has been Franklin's they are not just ... the first post of yesterday interviewing Jim Grant of Grant's Interest redundant ... Willis is a big deal but the thoughtful like that where a body of the Kara Sea time ... but it did you think the big gold ... the guy was working and Google him of the day with a Wednesday ... the cost for U S the ... European Financial crushing blow up and I realized ... that ... it's making me feel like I'm an no question that ... many readers may say well ... I had to that ... watch this ongoing know ... it's like watching ... a board game where someone has to explain the rules you when everything is for ... him on strong ... I thought it would become clear in all of ... the more questions I have and I don't think ... Ivan took some of the people looking at this leave announced new products ... and the most wins in the city's bases of the man that whatever the question really is ... if Greece is going to be allowed to pay three a half percent interest ... on its loans as they were from defaulting ... but ... why would the Irish going to ... the aid of a seven ... percent in June ... this layman terms the center ... of the woods what about the risk of contagion because we were tentatively due to lingering ... in all the hedge funds are going to go after the next continent and its content ... essentially ... it could also say what a contagion ... will center could could work in the sense that the people ... in three runs in six months ... cornice ... has been simmering inflation while I get the full moon kinda low interest rates ... and that our economies are picking up but so what the people are amazing to me soon ... the piece of that you know what the what the still image and sentiment in this is the DUP officials to talk about it so fun to how I like your mom punctual that come up with the solution is to do that ... the bus stop in the crash ... coming ... you know I am ... astonished that they are essentially reading ... this ... default so that there they hope ... it doesn't trigger ... a credit default swaps with a couple stores are insurance contracts to purchase for ... whatever reason the maybe ... some speculative bedlam of some people the bottom of the family settled in ... the mornings was on the reality is that purchased from ... our somebody else who was willing to sell the country ... and your opinion is basically ... intervening in and stealing money ... from the people that the Germans don't tax ... and transfer to the people was overwhelming ... helping those offered in just a bit to get the Christie behind it is keeping that in fact that's what you doing to that market and what does it take to the ... teacher risk appetites of people who wanna buy bonds in fact uses to make it ... if you don't trust that mechanism anymore ... it has been validated ... our flood insurance and then people will ... buy houses in but then the fundamental view can society that which is the sale of ... course there I'm ... there it's collateral damage to dig through this process ... was our capacity this is what is in this case BP the lesser of two evils is the block CVS market doing that ... rather than the entire economy on a lot of sending them how to avoid a CVS ... contagion ... I mean ... the fundamental question today I mean ... I don't understand for example when the Greeks ... just leave you should never been sorry your The the car to the one tree and all the euro zone as well to do with how to make that that type of thing but that weren't in it ... that it's relatively easy to read this ... it was it ... a technical problem of saying he does not hesitate to do manageable ... Greece could ... leave the car seen them and re or subtract they should never been mentioned in the water ... I did this this and says he doubts that I just don't Joe and when the European Union ... decided to draw the line stand around Greece interesting defensible one of the islands which was much more defensible the one ... that I wish I could never be ... pushed back to his tongue as Greece will default and here we are Spars I can tell Greece is defaulting ... on ... that's not to spill milk that they without a doubt it is no doubt that that that speed is that along with that with that again but I did well to win two insightful for now